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City of Louisville Office of the City Manager Mayor and City Council City of Louisville 749 Main Street Louisville, CO 80027 Dear Mayor and City Council: I am pleased to present to you the 2004 Annual Budget. The creation of this budget offered many challenges in a year of economic uncertainty, decreased development in the City, increased costs to maintain services, and the high costs of capital needs. This budget reflects a balance of maintaining basic services to the residents of Louisville, while adhering to the City's fiscally sound policies. Overview The 2004 budget includes a total revenue projection of $28,884,939 for all funds. This revenue estimate is an increase of 2.5% over the budgeted revenue for all funds in 2003. These revenues plus the beginning projected available fund balances for all funds, estimated bond and loan proceeds, operating transfers in, etc., will generate available sources of funds for the 2004 budget of $59,008,211. Total expenditures for all funds in the 2004 budget are $41,165,055. Included in this amount is $17,799,073 for operating expenditures, $3,075,495 for payment of debt service, and $20,290,487 for capital improvements. Total appropriations for all funds, including operating transfers out are $42,213,045. Revenues Property Taxes In November 2001, the voters approved a ballot issue exempting the property taxes from the TABOR restriction, as well as the statutory (5.5%) restriction. The 2003 assessed valuation of property in Louisville is $384,244,284, an increase of 3.62% over the 2002 assessed valuation. This will generate approximately $1,991,922 in general operating property tax revenue for 2003, with a mill levy set at 5.184. In November 2003, the voters approved a ballot question authorizing the City to issue debt for the construction of a new City library facility. Included in this ballot issue was an increase in the property tax mill levy not to exceed 1.581 to pay the debt service for the bond issue. The City anticipates issuing the bonds to construct the new library at the beginning of 2004 and currently expects the debt payments to be approximately $586,400. Based on the City's current assessed valuation, the mill levy required to generate this dollar amount is 1.526 mills. 749 Main Street • Louisville, Colorado 80027 • (303) 335-4533 • FAX (303) 335-4534 www.ci.louisville.co.us